Feds move to block controversial Illinois credit card swipe fee ban, siding with banks in ongoing legal fight – Chicago Tribune/Yahoo

Passed in 2024 and set to take effect this July, the state law bans certain so-called swipe fees on the tax and tip portions of customers’ bills, with a goal of lowering the amount that credit card companies can charge retailers. The Office of the Comptroller of the Currency, an independent bureau of the U.S. Department of the Treasury, plans to put out an “Order Preempting the Illinois Interchange Fee Prohibition Act."